CION Investment Corp
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
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Consolidated Statements of Operations
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Investment income | |||
| Non-controlled, non-affiliated investments | |||
| Interest income | $184,013 | $140,560 | $119,792 |
| Paid-in-kind interest income | 22,317 | 22,737 | 17,306 |
| Fee income | 7,871 | 9,019 | 5,927 |
| Dividend income | 210 | 103 | 366 |
| Non-controlled, affiliated investments | |||
| Interest income | 7,068 | 5,865 | 4,961 |
| Paid-in-kind interest income | 8,372 | 6,204 | 3,160 |
| Fee income | 2,432 | 525 | — |
| Dividend income | 3,946 | 79 | 5,576 |
| Controlled investments | |||
| Interest income | 8,090 | 6,049 | — |
| Paid-in-kind interest income | 1,050 | 2,482 | 260 |
| Fee income | 1,391 | — | — |
| Dividend income | 4,250 | 1,275 | — |
| Total investment income | 251,010 | 194,898 | 157,348 |
| Operating expenses | |||
| Management fees | 26,856 | 27,361 | 31,143 |
| Administrative services expense | 3,971 | 3,348 | 3,069 |
| Subordinated incentive fee on income | 22,277 | 18,710 | 6,875 |
| General and administrative | 7,382 | 7,278 | 9,805 |
| Interest expense | 85,556 | 49,624 | 31,807 |
| Total operating expenses | 146,042 | 106,321 | 82,699 |
| Net investment income before taxes | 104,968 | 88,577 | 74,649 |
| Income tax (benefit) expense, including excise tax | (54) | 372 | 342 |
| Net investment income after taxes | 105,022 | 88,205 | 74,307 |
| Realized and unrealized (losses) gains | |||
| Net realized (losses) gains on: | |||
| Non-controlled, non-affiliated investments | (31,927) | (11,217) | (4,100) |
| Non-controlled, affiliated investments | — | (21,530) | 8,010 |
| Controlled investments | — | — | (3,067) |
| Foreign currency | — | (3) | (3) |
| Net realized (losses) gains | (31,927) | (32,750) | 840 |
| Net change in unrealized appreciation (depreciation) on: | |||
| Non-controlled, non-affiliated investments | 15,658 | (19,807) | 25,566 |
| Non-controlled, affiliated investments | (7,335) | 13,523 | 7,261 |
| Controlled investments | 13,896 | 970 | 10,790 |
| Net change in unrealized appreciation (depreciation) | 22,219 | (5,314) | 43,617 |
| Net realized and unrealized (losses) gains | (9,708) | (38,064) | 44,457 |
| Net increase in net assets resulting from operations | $95,314 | $50,141 | $118,764 |
| Per share information—basic and diluted(1) | |||
| Net increase in net assets per share resulting from operations | $1.74 | $0.89 | $2.09 |
| Net investment income per share | $1.92 | $1.56 | $1.31 |
| Weighted average shares of common stock outstanding | 54,685,327 | 56,556,510 | 56,808,960 |
(1)As discussed in Note 3, the Company completed a two-to-one reverse stock split, effective as of September 21, 2021. The weighted average shares used in the computation of the net increase (decrease) in net assets per share resulting from operations and net investment income per share for 2021 reflect the reverse stock split on a retroactive basis.
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